Rigel Pharma allergy drug trial disappoints

JohnIttner

NEW YORK (MarketWatch) -- Rigel Pharmaceuticals Inc.
RIGL, -2.64%
said Thursday that results from a clinical study of R112, a potential intranasal therapy for the treatment of allergic rhinitis were disappointing. In the trial, treatment with R112 failed to show a statistically significant difference from placebo treatment in improving nasal allergy symptoms, the study's primary endpoint. "We are disappointed in today's results," said CEO James Gower. "These results are surprising given that the earlier Phase II 'Park' study of R112 demonstrated a statistically significant reduction in the symptoms associated with allergies." In pre-market trading Rigel shares were down 58.7% to $9.05 on Instinet volume of 12,870 shares.

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